Ingredion Reports 1Q Net Income of $72.6 Million, Down From $110.8 Million in 1Q 2013
Date Posted: April 30, 2014
Westchester, IL—Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to diversified industries, today reported results for the first quarter 2014.
“As we expected and communicated in our outlook, the first quarter was down sharply compared to the year ago period,” said Ilene Gordon, chairman, president and chief executive officer.
“As expected, Argentina was down significantly as we begin to lap the economic and political issues that have led to a severe cost squeeze.
"In North America, the impact of extreme winter weather conditions on operating, energy and transportation costs persisted throughout the quarter and resulted in worse-than-anticipated operating income.
"Also as forecast, the layout of our corn costs for our fixed price contracts resulted in year-over-year unfavorability.
“Also in-line with our expectations for the quarter, volumes were positive in South America, Asia Pacific and EMEA.
"At the same time, operating income was up in Asia Pacific and EMEA while South America showed continued year-over-year sequential improvement.
“Our operating plan anticipated this slow start to the year and we expect year-over-year results to improve in each quarter as the year unfolds.
"As such, we are maintaining our full year EPS and operating income guidance,” Gordon added.
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